Standard&Poor's Ratings Services has assigned it 'AAA' long-term rating to the Michigan Finance Authority's (MFA) series 2014A bonds, based on the application of its joint criteria (assuming low correlation) among the authority; the obligor; and JPMorgan Chase Bank N.A., the letter of credit (LOC) provider. The short-term component of the rating is based solely on our rating on JPMorgan Chase Bank. The LOC has an effective date of April 10, 2014, and includes 45 days' interest calculated at the maximum rate of 15% on the bonds in the weekly interest rate mode. The interest component on the LOC reinstates automatically on the fourth calendar day following an interest draw. Should the trustee receive notice of an event of
